Section 20A: Restrictions on power to remit debts.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[20A. Restrictions on power to remit debts.--(1) Notwithstanding anything to the contrary contained in section 293 of the Companies Act, 1956, (1 of 1956) a banking company shall not, except with the prior approval of the Reserve Bank, remit in whole or in part any debt due to it by--

(a) any of its directors, or

(b) any firm or company in which any of its directors is interested as director, partner, managing agent or guarantor, or

(2) Any remission made in contravention of the provisions of sub-section (1) shall be void and of no effect.]

Where this provision sits

Act	The Banking Regulation Act, 1949
Section	20A
Marginal note	Restrictions on power to remit debts.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act 55 of 1963. . Ins. by Act 55 of 1963, s. 12 (w.e.f. 1-2-1964).

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